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In April 1996, Sheldon Adelson announced plans to create the property the largest resort on the Strip. This project would be situated on the former Sands property. On November 26, 1996, eight years after it was purchased by the owners of The Interface Group - Sheldon Adelson, Richard Katzeff, Ted Cutler, Irwin Chafetz and Jordan Shapiro, the Sands Hotel was imploded to make way for The Venetian Resort Hotel Casino. Groundbreaking for the hotel began on April 14, 1997.

The resort opened on May 3, 1999, with flutter of white doves, sounding trumpets and singing gondoliers, with actress Sophia Loren joining The Venetian Chairman and Owner, Sheldon G. Adelson, in dedicating the first motorized gondola. Built at a cost of $1.5 billion, it was one of the most expensive resorts of its kind when it opened.

In October 2011, the Cantor Race & Sportsbook opened, which was the only Las Vegas sportsbook that was open for 24 hours a day. On June 11, 2012, the Venetian opened Carnevale, a summer-long festival that is anchored by a nightly 3-D projection show on the clock tower. In September 2012, The Blue Man Group show closed and relocated to the Monte Carlo, after being at the Venetian for six years.

In October 2001, the Guggenheim Hermitage Museum opened within the resort, featuring its first collection. On June 27, 2003, the Venezia tower opened, adding 1,013 suites and a new wedding chapel. In October 2005, Blue Man Group officially opened at the Blue Man Theatre. On June 24, 2006, the show, Phantom: The Las Vegas Spectacular, opened at a new Paris Opera House styled theatre at The Venetian. The show concluded on September 2, 2012.[2]

Tim McGraw and Faith Hill headlined their Soul2Soul concert series which began in December 2012 and ended in April 2014.

In 2010, TAO Nightclub was second only to the XS Club at The Wynn in revenue, with over $60 million, according to Nightclub & Bar Top 100.[3] With an Asian-inspired theme, TAO features a 20 foot tall Buddha statue, an infinity edge pool stocked with koi, eight private "sky boxes" with mini-bars, a 40-foot-long terrace with views of the strip, and two dance rooms.[4]

TAO Beach, located on top of TAO Nightclub, is the Venetian's day club and pool party. It offers seven cabanas, each with television, DVD player, Xbox 360, a stocked mini-fridge and a safe for valuables.[5]

In 2004, the Venetian agreed to pay a $1 million penalty to settle a 12-count Gaming Control Board complaint. One of the 12 complaints alleged the hotel had held a drawing for a Mercedes-Benz that was rigged to be won by a high roller who had lost a large amount in the casino.[6] The executives involved were fired.[6]

In 2013, the Venetian agreed to pay the DOJ $47.4 million to settle charges over "alleged money laundering activities."[7]